Asia Pacific

Australia’s fourth syndication of its financial year has set a new size record — the third time it has done so in as many months — but despite the wave of Australian govvie supply, demand still seems fierce.

Chinese rating agencies are facing increasing pressure, after the country’s securities association said it had found evidence of firms inflating ratings to win business. Addison Gong reports.

China Yangtze Power Co has won approval from the Mainland regulator to push ahead with its IPO on the London Stock Exchange.

China Merchants Bank raised $700m from a dual-tranche transaction on Tuesday, marketed by two different overseas branches with two different structures. But the issuer ran into negative market sentiment that dented appetite for the deal.

China Development Bank Financial Leasing Co had to tackle questions from investors and weaker market conditions to sell the first dollar tier two bond from a Mainland leasing company.

Chinese logistics company ZTO Express (Cayman) and biopharmaceutical firm Zai Lab wrapped up their secondary listings in Hong Kong on Tuesday.

JHBP (CY) Holdings, a holding company for China’s Genor Biopharma, hit the road for its Hong Kong IPO on Wednesday. It is aiming to raise up to HK$2.9bn ($371.2m).

Power Construction Corporation of China (PowerChina) was back in the dollar market with a perpetual bond on Tuesday, nearly a year after its last deal.

India’s Power Finance Corp has mandated two banks for a $200m loan, and bankers expect the firm's government ownership will draw a strong response in syndication.

The Asian Infrastructure Investment Bank and the New Development Bank made a big splash in the dollar market on Tuesday, despite facing worse volatility than expected as fears over the coronavirus pandemic grew.

The Australian Office of Financial Management (AOFM) has launched its fourth syndication of its 2020/21 year.

JD Health International, the healthcare arm of Chinese e-commerce firm JD.com, is set to list on Hong Kong’s stock exchange by the end of the year.